US Dollar slumps to lows near 94.00

Another day, another drop in the US Dollar Index, now hovering over multi-day lows in the 94.00 neighbourhood.

US Dollar weaker after US releases

The index is losing ground for the third consecutive session today, challenging the critical support at 94.00 and extending the leg lower from last week’s tops just above the 95.00 mark.

Disappointing results from the US housing sector during March have added further downside pressure to USD, which has been already punished by the resurgence of the risk appetite sentiment since early trade.

US Dollar relevant levels

The index is down 0.35% at 94.16 with the next support at 93.62 (2016 low Apr.12) ahead of 93.16 (monthly low May.15 2015) and finally 92.52 (monthly low Aug.24 2015). On the other hand, a breakout of 95.21 (high Apr.14) would aim for 95.51 (38.2% Fibo of 98.59-93.62) and then 96.18 (55-day sma).
For more information, read our latest forex news.

Useful Searches

Disclaimer - Forex, futures, stock, and options trading is not appropriate for everyone. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the information contained on this site will generate profits or ensure freedom from losses.